Illinois General Assembly - Bill Status for HB2750
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 Bill Status of HB2750  102nd General Assembly


Short Description:  INC TX-BEGINNING FARMER

House Sponsors
Rep. Lance Yednock

Last Action
DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/232 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit for an owner of an agricultural asset who sells or rents the agricultural asset to a beginning farmer. Provides that the credit shall be equal to: (1) 5% of the lesser of the sale price or the fair market value of the agricultural asset, up to a maximum of $32,000; or (2) 10% of the gross rental income in each of the first, second, and third years of a rental agreement, up to a maximum of $7,000 per year. Provides that the taxpayer shall apply with the Department of Agriculture. Provides that the Department of Agriculture may not approve more than $5,000,000 in credits under those provisions in any one taxable year. Effective immediately.

Actions 
DateChamber Action
  2/18/2021HouseFiled with the Clerk by Rep. Lance Yednock
  2/19/2021HouseFirst Reading
  2/19/2021HouseReferred to Rules Committee
  3/9/2021HouseAssigned to Revenue & Finance Committee
  3/18/2021HouseTo Income Tax Subcommittee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2023HouseSession Sine Die

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